MeritValue

Chilean Cobalt Corp.

COBAdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

Chilean Cobalt Corp. earns about -4286% on invested capital, but has diluted owners by 312% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$03$04$04
Net income−$107,8585−$1.03M6−$1.29M7−$882,5748−$3.26M8
Operating cash flow−$107,8229−$673,79610−$929,41811−$718,27512−$1.15M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$322,42713$630,80314$799,87115$331,30915$2.77M15
Diluted shares11.0M38.4M42.1M43.5M45.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.62
your share of equity
Profit it earned you last year
−$0.72
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.62 of net worth that earned you −$0.72 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4286% avg · 5y
FY21 —FY22 -3475%FY23 -2601%FY24 -656%FY25 -10413%

It earned an average -4286% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+312% shares · 5y

Share count is up 312% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001683168-23-001729 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001989 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002195 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002522 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001729 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001989 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002195 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002522 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001729 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001989 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002195 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002522 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-24-001989 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-25-002195 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-26-002522 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)